📷 Image Credits: The Economic Times
The Indian stock market continues to shine with the Sensex and Nifty hitting fresh peaks once again, showcasing a strong performance across diverse segments. Small-cap, mid-cap, and micro-cap stocks are leading the positive momentum, demonstrating the market’s resilience. Sectors like metal, pharma, and PSU banks are also marking a significant uptick in trading values amid the current market scenario.
The 30-share BSE Sensex jumped 339.51 points to hit its new lifetime peak of 79,013.76 after falling in early trade, supported by the buying interest in blue-chip stocks like Reliance Industries and ICICI Bank. The Nifty also bounced back, rising 97.6 points to reach its fresh all-time high of 23,966.40.
Among the 30 Sensex companies, UltraTech Cement, JSW Steel, Reliance Industries, Axis Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank, and Tata Steel were the biggest gainers, while companies like Maruti, Tech Mahindra, HCL Technologies, and Larsen & Toubro faced lag. The ongoing momentum has the potential to take the Sensex to 80,000 levels, according to market experts.
In the global markets, Asian indices like Seoul, Tokyo, Shanghai, and Hong Kong were trading lower while US markets ended positively on Wednesday. Foreign Institutional Investors offloaded equities worth Rs 3,535.43 crore on Wednesday, reflecting shifts in investment trends.
The developments in the Indian stock market are drawing attention to the telecom sector’s resilience, with significant movements in key stocks like SBI, Axis Bank, HDFC Bank, Infosys, Wipro, and NTPC. The recent uptick in the banking and telecom sectors is showcasing a noteworthy trend towards fundamentally strong large-caps, instilling confidence in the market participants.
As the market continues to register new highs and witness positive trends, investors are closely monitoring the sectors demonstrating strength and potential for growth. The latest achievements in the Indian stock market reflect a promising outlook for the country’s economic landscape, highlighting the vibrancy and dynamism of the financial sector in India.
